World Bank promises 200 billion USD to fight climate change
The World Bank on Monday made available USD 200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding commitment.
The World Bank said the move, coinciding with a UN climate summit meeting in Poland attended by almost 200 nations, sends an important signal to the wider global community to do the same. In a statement, the World Bank said the breakdown of the 200 billion USD would comprise "approximately 100 billion USD in direct finance ". Around one third of the remaining funding will come from two World Bank agencies with the rest made up by private capital "mobilised by the World Bank Group". The World Bank warned that if emissions are not reduced and adaptation measures are not undertaken now, 100 million more people will live in poverty by 2030.